Saudi Jubail Refinery to Open in December 2013

Source: Reuters 9/13/2011, Location: Middle East

Saudi Aramco Total Refinery and Petrochemicals Company (Satorp)expects its new refinery at Jubail in Saudi Arabia to be fully operational in December 2013, the joint venture's chief executive said. State-run Saudi Aramco and France's Total are building the $14-billion Jubail facility as part of a push by the world's top oil exporter to almost double its refining capacity.

"Overall Engineering, Procurement and Construction work at the refinery is 68 percent complete," Fawwaz Nawwab, CEO of Satorp, told reporters in the Saudi capital Riyadh. Nawwab said that although the refinery was designed to process 400,000 barrels per day (bpd), Saudi Aramco had committed to supply it with up to 440,000 bpd.

Jubail will refine Saudi heavy crude into a range of fuels -- from gasoline to petroleum coke -- for domestic consumption and export. The joint venture is set to issue up to 3.75 billion Saudi riyals ($1 bln) in Islamic bonds to help pay for it.